Research
Digital Asset Treasuries
Strategy’s $4.6 billion cash buffer gives it almost 3 years before Bitcoin sales create real stress
The company now treats BTC as a managed reserve for dollar obligations, testing whether sales can remain voluntary.
Investments
Bitcoin miner Bitdeer unlocks a $1B cash tap that dilutes shareholders by up to 30% to build its AI empire
The price-dependent scenario is not a forecast, but the filing creates equity capacity twice Tydal’s remaining build bill.
Regulation
Friday’s SEC vote could unlock $75 million crypto raises – or trap token issuers in unexpected legal fine print
The Commission is considering a proposal, not a live exemption, and eligibility and resale rules remain undisclosed.
Analysis
The UK now ranks 3rd in global Bitcoin adoption, but court rules mean it can’t keep its 60,000 BTC as a reserve
JAN3's 2025 B20 combines policy advances with enforcement custody, while dated Treasury records separate the coins from national reserves.
Earnings
Crypto revenue tanks 70% for major AI finance company, but its paper gains just delivered a record quarterly profit
Bakkt revenue fell 70%, while losses from continuing operations and adjusted EBITDA widened, leaving the operating picture weaker.
AI
Riot is dumping its Bitcoin to fund a $9.1B AI deal that won’t pay rent until 2027
The Bitcoin miner’s construction budget includes continued treasury sales before phased rent is expected in 2027 and 2028.
Analysis
A 13% dividend is set to force another Bitcoin treasury company into the unthinkable: liquidating its BTC to pay cash
Cash covers about 18 months of the current run rate in a static calculation, while common issuance has already become a funding channel.
Derivatives
Bitcoin futures carry trades are quietly beating Treasuries at 7.89% driving $850M Wall Street Bitcoin ETF spree
August 7 gross futures carry ranged from 5.69% to 7.89%, above the 4.19% Treasury yield, but public data cannot identify investor motive.
Stablecoins
On-chain data shows $50 million at risk as Tether’s Alloy shutdown deadline boils down to 5 forgotten gold vaults
Five open positions held 399,088.74 aUSDT of debt, while the Tether cutoff hour and any later platform route remain unpublished.
ETF
Grayscale turned more than $1.1 billion of staked crypto into a recurring reward-sale machine for ETF holders
Grayscale funds ETHE, GSOL, and GAVA must sell earned rewards at least quarterly, creating recurring cash payouts.
Digital Asset Treasuries
SharpLink posts $1B loss as its $1.7B Ethereum treasury could take 90 days to fully convert to cash
The six-month loss was largely non-cash, while the Ethereum treasury says fully converting its portfolio to staking could take about 90 days.
Legal
Athena Bitcoin agreed to a $4.5 million settlement, but claimants may have less than $3 million to split
If the court grants the proposed fee and expenses stay within the stated estimate, at least $2.985 million remains before other deductions.
